![Madras HC quashes Income Tax Assessment Order issued when Objections Pending before Dispute Resolution Panel [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/Madras-High-Court-Income-Tax-Assessment-Order-Income-Tax-Assessment-taxscan.jpg "Madras HC quashes Income Tax Assessment Order issued when Objections Pending before Dispute Resolution Panel [Read Order]")
Madras HC quashes Income Tax Assessment Order issued when Objections Pending before Dispute Resolution Panel [Read Order]
In a recent ruling, the Madras High Court invalidated the income tax assessment order issued amidst objections filed before the dispute resolution...
![AO fails to Implement DRP Directions while Passing Final Assessment Order: ITAT quashes Assessment Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-Delhi-ITAT-Assessment-Order-Dispute-Resolution-Panel-DRP-Dispute-Resolution-Panel-guidelines-Taxscan.jpg "AO fails to Implement DRP Directions while Passing Final Assessment Order: ITAT quashes Assessment Order [Read Order]")
![HUF Members Property Purchase Entitles Capital Gain Exemption u/s 54 of Income Tax Act : ITAT quashes Reassessment Proceedings [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-ITAT-Ahmedabad-Income-Tax-HUF-TAXSCAN.jpg "HUF Members Property Purchase Entitles Capital Gain Exemption u/s 54 of Income Tax Act : ITAT quashes Reassessment Proceedings [Read Order]")
![Advance payment made to AE’s for Commercial Expediency of Pharmaceutical Business in Foreign Territory subject to ALP u/s 92 of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-ITAT-Ahmedabad-Income-Tax-Pharmaceutical-Business-TAXSCAN.jpg "Advance payment made to AE’s for Commercial Expediency of Pharmaceutical Business in Foreign Territory subject to ALP u/s 92 of Income Tax Act: ITAT [Read Order]")
![ITAT uphold upward adjustment towards guarantee fee in favor of bank with respect of transaction carried out by AE’s [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-ITAT-uphold-upward-adjustment-fee-bank-taxscan.jpg "ITAT uphold upward adjustment towards guarantee fee in favor of bank with respect of transaction carried out by AE’s [Read Order]")
No disallowance on basis of conjecture and surmises with respect to Diversion of profit from partnership firm to assessee company: ITAT [Read Order]
The Ahmedabad bench Income Tax Appellate Tribunal ( ITAT ) held that no disallowance made on the basis of conjecture and surmises wu=ith respect to diversion of profit from partnership firm to...
![No disallowance on basis of conjecture and surmises with respect to Diversion of profit from partnership firm to assessee company: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-Ahmedabad-ITAT-Income-Tax-ITAT-ruling-on-profit-diversion-Partnership-firm-profit-to-company-Taxscan.jpg "No disallowance on basis of conjecture and surmises with respect to Diversion of profit from partnership firm to assessee company: ITAT [Read Order]")
Expenses incurred for conducting clinical trials of Pharmaceuticals Companies outside organization allowable as deduction u/s 35 (2AB) of Income Tax Act: ITAT [Read Order]
The Ahmedabad bench Income Tax Appellate Tribunal ( ITAT ) held that expenses incurred for conducting clinical trials of pharmaceuticals companies outside organization allowable as deduction under...
![Expenses incurred for conducting clinical trials of Pharmaceuticals Companies outside organization allowable as deduction u/s 35 (2AB) of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-ITAT-Ahmedabad-Income-Tax-Clinical-trial-expenses-Clinical-trials-taxscan.jpg "Expenses incurred for conducting clinical trials of Pharmaceuticals Companies outside organization allowable as deduction u/s 35 (2AB) of Income Tax Act: ITAT [Read Order]")
ITAT deletes addition made on accrual basis with respect to interest income of arbitration award [ Read Order]
The Delhi bench Income Tax Appellate Tribunal ( ITAT ) deleted the addition made on the accrual basis with respect to the interest income earned from the arbitration award. The Assessee MMTC Ltd...
![ITAT deletes addition made on accrual basis with respect to interest income of arbitration award [ Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-ITAT-Delhi-Income-Tax-Arbitration-award-Interest-income-taxscan.jpg "ITAT deletes addition made on accrual basis with respect to interest income of arbitration award [ Read Order]")
Interest on Non-Recovery of Loans Falls within Purview of Business Activity only, Not Income from Other Sources: ITAT directs Re-adjudication [Read Order]
The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) directed re-adjudication, ruling that interest on non-recovery of loans falls within the purview of business activity only and not...
![Interest on Non-Recovery of Loans Falls within Purview of Business Activity only, Not Income from Other Sources: ITAT directs Re-adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-ITAT-Ahmedabad-Income-Tax-Re-adjudication-taxscan.jpg "Interest on Non-Recovery of Loans Falls within Purview of Business Activity only, Not Income from Other Sources: ITAT directs Re-adjudication [Read Order]")
Agricultural Expenditure Adequacy Not verified by AO u/s 143(3), Revenue interests not sustainable: ITAT quashes Assessment Order [Read Order]
The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) has quashed the assessment order after finding that the Assessing Officer ( AO ) failed to verify the adequacy of agricultural...
![Agricultural Expenditure Adequacy Not verified by AO u/s 143(3), Revenue interests not sustainable: ITAT quashes Assessment Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/Agricultural-Expenditure-Adequacy-AO-us-1433-Revenue-interests-not-sustainable-ITAT-quashes-assessment-order-TAXSCAN.jpg "Agricultural Expenditure Adequacy Not verified by AO u/s 143(3), Revenue interests not sustainable: ITAT quashes Assessment Order [Read Order]")
Taxpayer Challenges AO's Disallowance which is not in terms with Section 115JB of Income Tax Act: ITAT restores matter back for Factual Verification [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) responded to the taxpayer's challenge against the Assessing Officer's disallowance, which was deemed inconsistent with Section 115JB of...
![Taxpayer Challenges AOs Disallowance which is not in terms with Section 115JB of Income Tax Act: ITAT restores matter back for Factual Verification [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-ITAT-Delhi-Income-Tax-Taxpayer-TAXSCAN.jpg "Taxpayer Challenges AOs Disallowance which is not in terms with Section 115JB of Income Tax Act: ITAT restores matter back for Factual Verification [Read Order]")
Education Cess cannot be allowed as Allowable Expense u/s 37 (1) of Income Tax Act: ITAT [Read Order]
In a recent ruling, the Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) observed that the education cess cannot be allowed as allowable expense under Section 37 (1) of Income Tax Act, 1961....
![Education Cess cannot be allowed as Allowable Expense u/s 37 (1) of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-ITAT-Delhi-Education-Cess-Income-tax-taxscan.jpg "Education Cess cannot be allowed as Allowable Expense u/s 37 (1) of Income Tax Act: ITAT [Read Order]")